Meme Coins: New Hype in The Crypto Industry

Thousandfold growth, incredible hype on Twitter and Elon Musk – this is how you can briefly describe the situation around the “meme-coins” that has arisen in the crypto space over the past year. Meme coins are cryptocurrencies that cannot boast of using or inventing any advanced technologies, but they are great at speculating on popular Internet memes and other funny stories. Various influencers play an important role in promoting meme coins. And for some coins, the main and most important role, as happened with Dogecoin or Shiba Inu, which owe their popularity, explosive growth, and audience to Elon Musk and his shocking tweets. The combination of good looks, low price, hype, and lots of advertising on Tik-Tok and Reddit has become a real win for such projects. But those who were lucky enough to get at least an indirect mention from influencers of Elon Musk’s level, “skyrocket to the moon” with incredible speed. Meme coins have played an important but controversial role in crypto adoption: on the one hand, they brought a lot of money to the lucky ones who managed to jump on a rocket taking off to the moon, and brought a million newcomers to the crypto market. On the other hand, due to the extremely high volatility and unstable background of such projects, many people became involved in various scams or at least lost most of their investments. Perspectives Nevertheless, thanks to the huge number of new ...